IF true, leaving was very expensive

[QueRico]

Everything is rumor & speculation, do we believe a wire story over some blogger?
IF this story is true, the C7 schools will be walking away w/ $10M ($1.43M each) in cash, the Big East name, rights (I assume the contract will be renegotiated) to MSG & the league records/history. The football conference will keep the offices in Providence and approximately $100M in cash.

http://www.nj.com/college-basketball/index.ssf/2013/03/big_east_football_schools_will_get_110_million_pot_in_separation_from_catholic_seven.html?utm_medium=twitter&utm_source=twitterfeed

[yorost]

Tough to know how expensive it was without knowing what the deals would have been for 2014 or 2015 exits. Even if a 2015 exit netted them $60 million more this could be drawing around even on the media money Fox is offering.

[JohnT]

It was never money the C7 actually had so it doesn't bother me one bit. We are still "The Big East Conference".

[BostonFriar11]

Still calling it a win. Could have ended very differently. ACC could have poached, knowing they're number is getting called soon.

In other news, USF and UCF may be going Big 12. Maybe USF doesn't get their $$

http://tuxedoyoda.blogspot.com/2013/03/ ... s.html?m=1

[BillEsq]

Tough to know how expensive it was without knowing what the deals would have been for 2014 or 2015 exits. Even if a 2015 exit netted them $60 million more this could be drawing around even on the media money Fox is offering.

Its tough to guess right now without the specifics my guess is the money is from the payouts already due to the colleges from the Pitt, Orange, WV, and Louisville exits plus the rolled up NCAA units for the non C7 teams. My guess is that legally since the c7 was leaving they did not have that great of a claim to that money as it is conference money. I think what they did is total all that out and cut the check early, in short screwing the incoming BEFBS schools. The C7 then negotiated with their shares for the MSG and Big East Name rights. So the money paid by the C7 was actually far less than the 100 million total money in the BE coffers. Uconn/ Cincy and South Florida would have been owed 30% of the money anyways and of course the Conference owns all of 50% of the outstanding NCAA units. The C7 could really only claim their portion to earned NCAA units.

Granted i haven't seen any documents but it puts the whole 100 million into perspective.

[yorost]

Exactly, without the details we just don't know the cost of any of this.

'Leaving' seems pretty clear to not be the case, here, though, it seems to be more of a divorce where everybody wants away from the adopted children. If we were leaving why would we get positives from all of this? Without a legitimate claim how do we get even $10 million on top of the name, MSG contract, and an immediate exit?

[BillEsq]

Exactly, without the details we just don't know the cost of any of this.

'Leaving' seems pretty clear to not be the case, here, though, it seems to be more of a divorce where everybody wants away from the adopted children. If we were leaving why would we get positives from all of this? Without a legitimate claim how do we get even $10 million on top of the name, MSG contract, and an immediate exit?

Technically the league did not disband so the whole divorce concept gets thrown out. Also the C7 notified of their intent to separate. Technically like ND they have to wait 2 years to do it without paying. to do it in less than a year comes with heavy $$$. You will note that those heavy $$$ exit fees are not being mentioned. If it makes you feel better consider that and money on the C7 teams end that they don't have to pay so money made. That is why you can't jump on these articles. Yes the 3 remain FBS teams are getting a majority of the outstanding exit fees by the C7 all get out in less than 4 months with no fees.
C7 exit fees = 35 million. so... added to the 110 million pot... gets you 145 million.

So C7 get 1/3 of the money, the name (probably the history) and MSG. There is a question as to if the C7 gets to keep their NCAA units. If this is true its a win for the C7 to get out now. If not its closer to a push. Con, Cin, and SF win by being the last BE teams no body wants- a consolation prize. The real losers are Memphis and Temple who just gave up all past earned NCAA units to join Conference USA.

[BillEsq]

Exactly, without the details we just don't know the cost of any of this.

'Leaving' seems pretty clear to not be the case, here, though, it seems to be more of a divorce where everybody wants away from the adopted children. If we were leaving why would we get positives from all of this? Without a legitimate claim how do we get even $10 million on top of the name, MSG contract, and an immediate exit?

Technically the league did not disband so the whole divorce concept gets thrown out. Also the C7 notified of their intent to separate. Technically like ND they have to wait 2 years to do it without paying. to do it in less than a year comes with heavy $$$. You will note that those heavy $$$ exit fees are not being mentioned. If it makes you feel better consider that and money on the C7 teams end that they don't have to pay so money made. That is why you can't jump on these articles. Yes the 3 remain FBS teams are getting a majority of the outstanding exit fees by the C7 all get out in less than 4 months with no fees.
C7 exit fees = 35 million. so... added to the 110 million pot... gets you 145 million.

So C7 get 1/3 of the money, the name (probably the history) and MSG. There is a question as to if the C7 gets to keep their NCAA units. If this is true its a win for the C7 to get out now. If not its closer to a push. Con, Cin, and SF win by being the last BE teams no body wants- a consolation prize. The real losers are Memphis and Temple who just gave up all past earned NCAA units to join Conference USA.

[yorost]

OK, you win?

From A Jersey Guy...

Had the Catholic 7 waited until July 1, 2014 to leave, the cash payout would have been significantly higher but with pressure from the new Fox Sports Cable network which is starting this summer and will use the Catholic 7 league as a cornerstone for its programming, Fox put pressure on the Catholic 7 to leave sooner rather than later and also take the Big East name.

To make up for the financial short fall of the Catholic 7, sources suggested that Fox might be willing to increase its offer (reportedly $40 million a year for what has been projected as a 10 to 12 team league) by an additional 10 to 12 million, which would get the Catholic 7 schools in the financial comfort zone they seek.

[QueRico]

I agree that it is somewhat misleading, but the cash numbers do grab your attention.
The credits get paid out out over 5 years, but the exit fees have been collected.
While they aren't cutting a check, they are foregoing their cut of a big pie.

The BE bylaws had a provision for no exit fees if schools left in a block (possibly a % of conference members) so that $35M never existed.
It's not as if a deal was cut.

As far as my useless opinion goes, The C7 is comprised of more teams than are staying & they have the name, records & history of the Big East.
They ARE the conference, the NCAA credits should stay with them!

** I'm starting to love this a Jersey Guy! He keeps reporting what I want to hear! **